sure warren buffett pays at least as much as his secretary and what has proposed will not have warren buffett pay the same. have a flat tax. if you make more, you pay more. lou: president himself may have been talking to you or others about the possibility of reforming the entire tax code. >> this is a great time. >> don't forget to the last time the senate had a budget is when her read worked with speaker pelosi nobody complained they're not spending enough money. 2.5 trillion goes off $1 trillion of spending right there. lou: there are always to get there. the idea that the president and boehner come together to have a civil discourse what we will do with the fiscal cliff are you any more hopeful on this first day of discussion? >> with the president's tone. lou: are you being partisan and? >> i am being objective when i say the president proposed 1.6 trillion dollars of new revenue? he wants to destroy the economy? who will allow that increase to devastate the economy? lou: a good point*. nobody talks about the fact that individual top -- checks payments federal receipts has risen

taxes at 15%. let's make sure that warren buffett probably starts paying not just like a secretary, a proper percentage. what has been proposed will not have warren buffett paying this percentage. let's have a flat tax. take him at his word and if you make more common you will pay more, not the only way it will happen. lou: the president himself may have been talking to you or steve forbes. >> this is a great time. not only that, let's not forget that the last time that the senate had a budget is when harry reid worked with his friend, and nobody in the 2008 budget complained that they weren't spending enough money. that cuts out a trillion in spending right there. are you concerned about the time that they had taken have taken on this first day of the discussion? >> i was not hopeful that the president's tone. [talking over each other] [talking over each other] lou: are you being partisan here? >> i am not being partisan. i am being objective when i say that the president pays 1.6 trillion in new revenues. he wants to destroy the economy. no one in their right mind is going to all

. warren buffett takes on grover norquist. who is right? former cbo director douglas cosecant joins us next. ♪ lou: well, we are going to be assessing what is happening with the fiscal cliff, negotiations, talks tomorrow waste of time between the principal so-called in washington d.c. talking with former congressional budget office director douglas hopes he can hear in moments. first the "moneyline". lori ruined the day on wall street. concerns about the deep discounts being offered by retailers on black friday. worries about the fiscal cliff, greece of combining for a market that pretty much went nowhere today. the dow jones industrials down 42. as into down treatment nasdaq rose ten. the sixth day in a row in which the nasdaq has gained. light trading on the big board. concerns about increases in taxes on dividends for the high-yield dividend stocks of late. today at&t and verizon down, both with dividend yields of just about 5%. most retailers lower on the day despite good news on the holiday shopping weekend. target and walmart among the worst -- losers. investors celebrating what som

tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in percentage. let's have a flat tax, lou. let's take the president at his word. if you make more you will pay more and this is the only way that that is going to happen. >> lou: you know, i believe the speaker boehner, perhaps the president himself may have been talking to you, talking to steve forbes and others who talked about the possibility of reforming the entire tax code. that could -- >> this is a great time. you know, the kind of time... and, not only that, let's don't forget the last time that the senate had a budget, it was when harry reid worked with his friend, speaker pelosi and nobody in the 2008 budget complained that it wasn't spending enough money. let's go back to 2008. $2.5 trillion, and cuts off a trillion in spending, right there. >> lou: there are all sorts of ways to get there, as you suggest here tonight, and,

's "chalk talk". the billionaire verses the tax master. warren buffett takes on grover norquist. who is right? former cbo director douglas cosecant joins us next. okay, that looks great... [ camera flash ] were you profitable last m mont? how much money is in your checking account? have the browns paid you for their addition yet? your finances are scattered all over the place. what are your monthly expenses? you keep your receipts in plastic baggies? seriously? [ announcer ] get it done and get it off your mind... with quickbooks. organize your small business finances... all in one place. quickbooks pulls in information from other sources. evennline banking and customer information. visit tryqckbooksfree.com today to start for free. and now your business can be at your fingertips, anywhere, with the convenient mobile app. from creating customized invoices, to tracking sales and expenses, quickbooks can help you manage... every detail of your business. and at tax time, all your records... will be automatilly organized and ready to go, saving you time on prep work. quickbooks, guarante

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